Austrian oil and gas group OMV has blamed the security situation in Libya for the cut in its 2014 production target.
In its statement on Tuesday, the company said:
"The security situation in Libya and Yemen remains very difficult to predict. Whilst production in Yemen has been interrupted only for a few days in 2014, Libyan production was affected throughout the quarter and has been shut in since mid-March.
"Taking into account the year-to-date achieved production performance, the production in 2014 is expected to be in the range of 310-330 kboe/d (the lower end assuming no production from Libya going forward and the upper end representing a return to normalized production levels from Libya going forward)."
Gerhard Roiss (pictured), CEO of OMV, confirmed:
"Libyan operations, however, were again impacted by security issues and production has been shut in since mid-March."